Directors' Authority to Issue Shares in Series Sample Clauses

Directors' Authority to Issue Shares in Series. The board of directors of the Credit Union may issue the Class B Shares at any time and from time to time in one or more series. Before the first shares of a particular series are issued, the board of directors of the Credit Union may fix the number of shares in such series, and shall determine, subject to the limitations set out in the articles, the designation, rights, privileges, restrictions and conditions to attach to the shares of such series, including, without limiting the generality of the foregoing, the rate or rates of, and the amount or method or methods of calculation of preferential dividends, whether cumulative or non-cumulative or partially cumulative, and whether such rates, amount or methods of calculation shall be subject to change or adjustment in the future, the currency or currencies of payment, the date or dates and place or places of payment thereof and the date or dates from which such preferential dividends shall accrue, the redemption price and terms and conditions of redemption (if any), the rights of retraction (if any), and the prices and other terms and conditions of any rights of retraction and whether any additional rights of retraction may be vested in such holders in the future, voting rights and conversion or exchange rates (if any). Before the issue of the first shares of a series, the board of directors of the Credit Union shall send to the Chief Executive Officer of the Financial Services Regulatory Authority of Ontario articles of amendment in the prescribed form, containing a description of such series, including the designation, rights, privileges, restrictions and conditions determined by the directors.
Sample 1
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